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| Author: | Ferreira, M.A. Matos, P. |
| Title: | The colors of investors' money: The role of institutional investors around the world |
| Journal: | Journal of Financial Economics
2008 : JUN, VOL. 88:3, p. 499-533 |
| Index terms: | international capital markets institutional investors company value |
| Freeterms: | monitoring |
| Language: | eng |
| Abstract: | Based on a comprehensive data set of equity holdings from 27 countries, this paper explores the role of institutional investors (here as: i-invts.) around the world. It is found that all i-invts. have a strong preference for the stock of large firms and firms with good governance, whereas foreign institutions (as: insts.) tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent insts. have higher firm valuations, better operating performance, and lower capital expenditures. The results indicate that foreign and independent insts. with potentially fewer business ties to firms are involved in monitoring companies worldwide. |
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